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This year’s oil & gas payments to governments to smash records

Saudi Arabia is, unsurprisingly, set to top the table in terms of total cash flow to government from the sector this year, followed by the US and Iraq, with the top 10 list dominated by Middle Eastern producers.

This year’s oil & gas payments to governments to smash records

Oslo, April 28 - Neftegaz.RU. Sustained high commodity prices and increasing oil & gas supply are set to push upstream sector payments to governments to an all-time high of $2.5 trillion this year, smashing the previous record of $2.1 trillion set in 2011, Rystad Energy research shows.

Total tax income increased last year to $1.4 trillion, with higher commodity prices being the main driver behind the rise.
Espen Erlingsen, Head of Upstream Research at Rystad Energy, said:
  • The leap to a record high in revenues is being driven by a combination of high oil & gas prices and lower costs
  • A year ago, it looked like the era of trillion-dollar revenues might have been behind us
  • Today it is clear that we are heading into a supercycle that will benefit petrostates
  • These record revenues present an unparalleled opportunity to diversify economies
Based on Rystad’s research, Saudi Arabia will be the largest beneficiary in absolute terms and is expected to receive just above $400 billion from its cornerstone industry this year, an increase of almost $250 billion from 2021.

The US, when including royalties paid to private landowners, takes the 2nd spot with around $250 billion paid to government, an increase of $100 billion compared to 2021.
Iraq follows with about $200 billion in total tax income, a doubling of its income compared to 2021.

Norway’s 4th position comes despite being only the 10th-largest oil and gas producer globally and the government will receive revenues of around $150 billion in total tax income.
This is due to European gas prices, low levels of cost and large government ownership driving this achievement.

On average Iraq has the highest government take per barrel– for each barrel the country produces, around $100 goes to the government, with the low level of costs and service agreements being the drivers.

Rystad pointed out that, while oil & gas revenues are at an all-time high, the amount of cash per citizen can vary greatly.
A per capita measurement shows that Nigeria will receive around $300 per capita. Indonesia and China will jointly receive the lowest incomes per capita at around $100.

At the other end of the scale, Qatar, Norway and Kuwait will receive a whopping $40 900, $28 000 and $23 200, respectively, per citizen.

Author: Irina Slav

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